Thomas Cook (India) has announced that Quess Corp (earlier known as IKYA) Solutions, a subsidiary of Thomas Cook (India) has received Board's approval pertaining to the long term funding needs of Quess Corp, including the initiation of a process to evaluate an Initial Public Offering (IPO).
In an interview with CNBC TV18, Ajit Issac, CMD of Thomas Cook (India), said that currently the company is examining the options and expects clear picture of considering IPO in the next three-six months.
Quess's compounded annual growth rate is about 85 percent across five years. Last year the Thomas Cook's (India) did revenue of about Rs. 1400 crore and the EBITDA margins stood at Rs. 67 crore.
The company provides business services platform, that has operations in human resources, facilities management, industrial asset management and IT services.
Talking about the requirement of funds for growing further, he said, "We are a zero debt company, so we have the leverage in our balance sheet to look at some capital raising exercises. We do not have any eminent need for funds right now".
When asked Issac about whether the money will come to Quess or will go to Thomas Cook, he said that it depends on Thomas Cook to decide if they want to do an offer for sale. Though he believes that it is too early to comment on the numbers. The company might look at issuing new shares or including an IPO in the future, to raise funds for Quess.
In Feb 2013, Thomas Cook (India) acquired 74% stake in IKYA, India’s leading human resources staffing solutions company for consideration of Rs. 256 crores.
At 3:14 PM, the share price of the company is Rs. 209. The stock is up 0.77% from its previous close at Rs. 207.40. It hit a high at Rs. 216 and low at Rs. 209. The total traded quantity is 36,000 and two-week average quantity is 80,000.